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How to buy, sell and trade Lisk (LSK)
A beginner’s guide to the Lisk cryptocurrency and how you can buy it in the US.
In this guide, we’ll walk you through where and how to buy Lisk (LSK), how the token works and key things you should consider before buying it.
Where can I buy LSK in the US?
You can buy LSK tokens at various exchanges using fiat currencies such as US dollars (USD), Australian dollars (AUD) or euros (EUR). Alternatively, you can buy LSK with cryptocurrencies like bitcoin (BTC) or Ethereum (ETH). Some of the exchanges that offer the option to buy LSK tokens are listed below.
A step-by-step guide to buying LSK
Here’s an example of how to buy LSK if you decide to purchase it.
Step 1. Create an account at an exchange listing LSK
Step 2. Deposit funds into your account
If you’re depositing USD, look for a deposit link from your account dashboard and enter your desired amount.
Step 3. Buy LSK
- To buy LSK with USD: Simply search the exchange’s markets for LSK and follow the directions to buy. After this, enter either how much LSK you want or how much USD you wish to exchange for LSK and, after confirming the final transaction amount, hit “Buy”.
Exchange-related risks can include hacks, system errors or the site going down, so it’s usually recommended to withdraw your coins from an exchange and store them in a wallet.
How to sell LSK
You can sell LSK tokens on the same exchange where you bought them or transfer them to another exchange that supports LSK. Similar to step 3, you will need to pair LSK with either another cryptocurrency or fiat currency, such as LSK/USD or LSK/BTC. After deciding this, you enter the amount of LSK tokens you want to exchange. Once you have entered this number, confirm the final sale value and proceed to sell your LSK tokens.
Which wallets can I use to hold LSK?
You can use the following wallets to store your LSK:
- Lisk Nano. This is the desktop wallet of the Lisk platform that you can use to store LSK tokens, send and receive transactions on the Lisk network, or delegate voting. It works on Windows, Linux and Mac OS X. There is also a web version of the wallet.
- Lisk Core. This wallet is aimed at advanced technical users who want to build on top of the Lisk platform. For that reason, it includes an application programming interface (API) for developers.
- Freewallet. This is a mobile app wallet for Android and iOS.
What is the Lisk platform, and how does LSK work?
Lisk (LSK) is the cryptocurrency token of the Lisk platform. It is used to pay fees and grant access to the system. The ticker symbol for the Lisk token is LSK, and the algorithm it uses is called delegated proof of stake (DPoS). This means that everything related to the network or the addition of new blocks to the blockchain is done by delegate voting.
Anyone can apply to become a delegate, and the delegate collects votes from LSK owners. 1 LSK equals 1 vote, so if you have LSK in your wallet, you can vote for delegates. The delegates with the most votes start securing the network, and they subsequently receive rewards in LSK tokens.
What should I consider before buying LSK?
If you are wondering whether to buy LSK or any other cryptocurrency, you must be fully aware of the risks involved, as cryptocurrencies are speculative and volatile. You should take the following points into consideration if you still want to buy LSK:
- Supply. According to CoinMarketCap, the circulating supply of LSK tokens in March 2018 was 102,350,199 tokens out of a maximum supply of 118,528,048 LSK.
- LSK use. LSK tokens can only be used within the Lisk platform to pay fees and gain access to the platform’s SDK. You can also use LSK tokens to trade with other cryptocurrencies.
- Availability. LSK tokens are available for purchase on a number of exchanges where you can buy LSK with fiat money and cryptocurrencies.
- Market competition. Similar platforms to Lisk are: NEO, Cardano, Ethereum and EOS.
By considering the above factors and conducting your own research, you should be able to make a more informed decision about whether to buy LSK.
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